The Price of the Future
Last Thursday, the yield on the 30-year US Treasury bond broke above 5.5 percent for the first time since June 2004, and touched 5.53 percent on Friday. It was below 5 percent as recently as early July. The 10-year…
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The Servant Who Seized the Throne
From The Dichotomy of the Self - my book about how the great thinkers split the person in two, and what those splits still explain. This week, the most famous split of all.Iain McGilchrist opens The Master and His…
The Lose-Lose Hike
Last Wednesday, the Federal Reserve raised interest rates for the first time since July 2023 — a quarter point, to a range of 3.75 to 4 percent. The vote was unanimous, and that includes the man who led it. Kevin…
The Gorilla Problem Comes to Washington
Something without precedent happened this weekend. On Saturday, Anthropic chief executive Dario Amodei published an essay calling on the AI industry to deliberately slow the pace of frontier development. Within…
Six Days in a Stanford Basement
Another of the thirty. This is the most famous experiment in psychology, and the archives say it did not happen the way you were taught.August 1971. A Stanford basement is dressed as a prison, students are assigned…
The Logic of the Tanker War
Monday, 7 September 2026On Saturday the war with Iran changed what it was aimed at. The United States struck three Iranian crude tankers: the Downy off Kharg Island, the Stark 1 near Jask, and the Kylo in the Gulf of…
America Is Going to War With Its Own Map
For more than a century, politicians have called the border between the United States and Canada “the longest undefended border in the world.” It was the ultimate geopolitical luxury: a 5,500-mile line that needed no…
The Pyramid Maslow Never Drew
From the Shelf: the most recognized image in psychology came from a management consultant, not a psychologistNew this week: The 30 Greatest Psychology Books - thirty landmark works, what they actually argued, and…
The AI Boom Is Borrowing Its Way Toward a Minsky Moment
For two years, the artificial intelligence boom was a story about the stock market — soaring valuations, “Magnificent Seven” earnings, the race for GPUs. Two weeks ago, this newsletter read the August equity shakeout…
One Strait, Half a Century of Lessons
This week’s news, read through Daniel YerginSomething expires today, and the expiration matters less than what it reveals.Monday marks 60 days since the United States and Iran signed the Islamabad Memorandum — the…
Private Credit Hits $2.1 Trillion as IPO Market Roars Back
April 2026 finds the financial system in a state of cautious optimism. The Federal Reserve is holding rates steady while monitoring inflation, private credit has exploded to $2.1 trillion and become a primary funding…
The AI Infrastructure Arms Race
The technology landscape in April 2026 is defined by an unprecedented build-out of AI infrastructure. Semiconductor revenue is projected to exceed $1.3 trillion — a 64% year-over-year increase — while memory prices…
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